A meeting held between the Ministry of Jute and Textile and leaders of BTMA, BGMEA, BKMEA and BSTMPIA, on April 28, to discuss the sudden rise in yarn prices, came to an end without any conclusion.
Syed Monzurul Huq, Acting President of Bangladesh Textile Mills Association (BTMA) informed that, he had forwarded a letter to the BTMA members directing them to refrain from increasing the yarn prices.
Abdul Latif Siddiqui, Minister for Jute and Textile, stated that, in this era of liberalisation it was impossible to exercise a check on the yarn prices. Therefore, the meeting was organised, so as to end the price discrepancies currently prevailing in the market. He was also hopeful about that the prices will decline, thereby, settling at a reasonable level.
Those participating at the meet informed that, BKMEA, BGMEA, and BSTMPIA leaders strongly propagated for imports of yarn via the Benapole land port. However, this suggestion was strongly opposed by Huq who said that, such a move could cause several domestic spinning mills to shut down.
It was also discussed that yarn prices in the neighbouring country, India, was also high. In addition, if the Benapole land port is opened, it would allow bulk quantities of smuggled yarn into the country, thereby endangering the domestic spinning mills.
Siddiqui continued to inform that no concrete decision was taken over opening of the Benapole land port for yarn imports as the concerned subject was not included under his purview.
BGMEA president, Abdus Salam Murshedy, said that, the meeting was organised to bring to an end the price discrepancies that prevailed in the yarn market. But, the meeting did lead to a guarantee that from now on spinning mill owners will trade yarn at reasonable rates.
Fibre2fashion News Desk - India